“Operational profit for the first ten months is €8 million above the level posted for the whole of 2007, and could reach €36-40 million by the end of the year, depending on market conditions. In terms of assets, we exceeded the figures stipulated in the budget for the whole of 2008, although we are expecting growth to temper in the last two months,” according to a declaration for Business Standard by Gerald Schreiner, President of Volksbank Romania.
Volksbank is competing for third place according to assets on Romania’s banking market with an Austrian competitor, Raiffeisen Bank, but data cannot be presently compared because the latter bank posted assets worth €6.4 billion for its entire Romanian business portfolio.
Volksbank, which has enjoyed very rapid retail development, is targeting operational profit in 2009 of €42 million.
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